Thu, 16 Jan 2025

BP to cut 4,700 jobs to reduce costs

The job losses at the oil giant will affect more than 5% of its global workforce.

* BP will cut around 4,700 staff, about 5% of its total workforce of 90,000 people.
* An additional 3,000 contractor positions will be axed this year.
* The job losses will not affect workers at petrol and service stations in the UK.
* CEO Murray Auchincloss aims to save $2bn by 2026, with $500m to be saved this year.
* Cuts are focused on office-based jobs rather than operational roles.
* BP has a multi-year plan to reduce costs and simplify its business.
* The company is bringing in digital capabilities, including artificial intelligence.
* This is the latest move in CEO Auchincloss's cost-cutting drive following his appointment last year.
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